News

AstroPower Reports Record First-Quarter Results

May 12, 2002 by Jeff Shepard

AstroPower Inc. (Newark, DE) reported that total revenue for the quarter ended March 31, 2002, was a record $20.7 million, an increase of 44.7 percent from the first quarter of 2001. Product revenues for the three months ended March 31, 2002, were a record$20.4 million, an increase of 49.9 percent from the three months ended March 31, 2001.

For the three months ended March 31, 2002, net income was $2.0 million, or$0.13 per share, on a diluted basis of 15.7 million weighted average shares outstanding, as compared to a loss of $1.5 million, or$0.13 per share, on a diluted basis of 12.1 million weighted average shares in the year-earlier period.

AstroPower President and CEO Allen Barnett said, "We are pleased to report another record quarter. We continue to focus on growing our manufacturing capacity and again achieved record production levels during the quarter. This performance was driven in part by contribution from our fourth solar cell manufacturing line, which is dedicated to running our proprietary silicon-film wafers."

For the second quarter of 2002, product revenues are expected to be in the range of $23.0 to$25.0 million. Product gross margin is expected to be in the range of 32 to 34 percent. Operating expenses are expected to be in the range of 20 to 21 percent of the total revenues for the quarter.